Shares of the wine and spirit company rose more than 7% before settling back somewhat .

Profit were 56 cents a share, in the fourth quarter ended April 30, topping analysts' average expectation of 50 cents a share, as compiled by Thomson Financial.

The wine and spirit company earned $78.4 million, or 63 cents a share, in the year-earlier fourth quarter.

Quarterly sales rose to $690.8 million from $585.1 million, boosted by the recent acquisition of Mexican tequila maker Casa Herradura.

Louisville, Kentucky-based Brown-Forman said it expects to earn $3.53 a share to $3.68 a share in fiscal 2008, excluding costs associated with the Casa Herradura acquisition. Analysts' average forecast has been $3.41 a share. On the same basis, Brown-Forman earned $3.22 a share for all of fiscal 2007.